Waco City Leaders Discuss Lower Property Tax Rate
WACO, TX (KWTX) – City council members discussed a proposal tuesday to reduce the property tax rate, arguing that businesses and landlords need support in these difficult times.
The proposal to lower Waco’s tax rate by a quarter of a penny would mean the lowest rate in more than a decade.
“It would bring the lowest tax rate since 2007,” Waco Mayor Dillon Meek said.
“We really work to find that balance between being able to provide high quality services to our ratepayers while keeping the cost of living in Waco as affordable as possible,” Meek said.
There are talks of a bigger reduction.
“If the council wishes to reduce the property tax rate further, we would recommend reducing it to approximately $0.76,” said City of Waco Chief Financial Officer Nicholas Sarpy.
Meek says it’s an ongoing effort by the council.
“We have already taken significant steps to increase homeowner exemptions as well as create exemptions for people with disabilities in our community,” he said.
Local economist Ray Perryman of the Perryman Group says you could still pay a higher amount even with the lower tax rate.
“For a lot of people, the value of the house has gone up more than the rate has gone down, so your actual property tax bill for most people will probably go up quite a bit,” Perryman said.
There will be a public hearing and vote on the tax rate on September 6.
Copyright 2022 KWTX. All rights reserved.